As Visionworld has reported, there is tension in the “business marriage” of the year. Celebrated a few months ago, the merger that led to the creation of the giant EssilorLuxottica sees the two leaders, Leonardo Del Vecchio, (executive president of EssilorLuxottica), and Hubert Sagnières. (managing director of Essilor and executive vice president of EssilorLuxottica) fighting over the governance and control of the company.
After the accusations arrived two days ago from the founder of Luxottica, Del Vecchio, according to which Sagnières would have “violated the pacts” and broken the relationship of trust, yesterday, the answer has arrived from the head of Essilor, who returns the charges to the sender.
For Hubert Sagnières these are serious accusations. “Grave and untruthful accusations the words of Leonardo Del Vecchio”,according to the note.
At the origin of Del Vecchio’s harsh words, as he himself explained during an interview with the French newspaper Le Figaro, Sagnières that he would “nominate four key managers, all from Essilor, with whom he tries to manage the group alone“.
On March 20, therefore, with a note from Del Vecchio he specified: “Delfin has identified some behaviors of some representatives of Essilor that would deserve the immediate adoption of appropriate measures by the board, as contrary to the duty of loyal cooperation and good faith required from the 2017 combination agreement between Essilor and Delfin, essential for the proper functioning of the company’s governance “.
Today, therefore, is open war between Leonardo Del Vecchio and the French partners in EssilorLuxottica even if Del Vecchio would not have ntention to blow up the merger. An OPA would be too burdensome for him too, but on governance he does not intend to compromise.